Members of President Bola Ahmed Tinubu’s Policy Advisory Council have presented certain propositions that will move Nigeria forward. The policy advisory council include Senator Tokunbo Abiru (chair), Dr Yemi Cardoso, Sumaila Zubairu, and Dr Doris Anite. Let’s take a look at some of the propositions.
Merge FIRS, NCS, and NIMASA
The council proposed the merger of the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service. They explained that merging these agencies together will enable an efficient collection of all direct and indirect taxes, as well as levies on behalf of the Federal Government.
Prioritise CBN reforms
The President’s advisory council recommended that reforms in the Central Bank of Nigeria, CBN will help achieve about $50-60 billion in external reserves, with a monthly inflow of at least $6-8 billion from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.
Improve the nation’s refining capacity
They also advised that the country achieve a domestic refining capacity of two million barrels per day. The advisory partly reads, “Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into ECA and NSIA. Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.”
Sell government assets to settle debts
Tinubu’s advisory council also proposed the sale or concession of some selected government assets. It noted that there should be a policy directive that ensures proceeds from the sale of assets to settle existing FGN debt obligations.
Extend old naira notes to December 2024
Finally, they proposed the extension of the old naira circulation till December 2024. The council wrote, “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5% to solve cash shortage.”
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